Online sportsbooks provide new users with welcome bonuses to entice them to their platform. These promotions can give players an opportunity to test out the betting site while building their bankroll with bonus credits.
There are a number of new-player offers available throughout the industry. One of the more popular signup bonuses is known as Second Chance Bets.
In this article, you’ll learn about the ins and outs of Second Chance Bet offers, including the best sites, benefits, and strategies on how to make the most out of this bonus.
What Is a Second Chance Bet?
A Second Chance Bet is a welcome bonus where new users will have their first wager refunded if it loses. This promo is capped at a certain number, often ranging from $200 to $1,000.
For example, let’s say that I bet $1,000 on the New York Knicks moneyline (+100). If I won, I’d walk away with $1,000 in profit. If the bet lost, I’d be reimbursed with sportsbook bonuses that matched by initial wager.
Keep in mind that there are a couple of differences with this offer, depending on the platform:
- Your wager often needs to have -200 odds or longer (-150, +100, etc.)
- The bet credits may be dispersed as a single bet token or smaller denominations.
- $1,000 Second Chance Bet could give me one $1,000 token or four $250 bonuses.
- You can’t get more than the maximum in bonuses. For example, if it’s capped at $1,000 but you wager more $2,000, you’re still receiving $1,000 in credits if you lose.
This is a popular promo because it reduces some of the risk involved with sports betting.
Best Second Chance Betting Sites
Caesars Sportsbook
Caesars is one of the industry leaders, renowned for a user-friendly platform with competitive odds and a robust VIP Rewards program.
The best part about their Second Chance Bet offer is that they have one of the higher maximums, which helps them stand out from the competition.
This is great if you decide to max out the offer, which is highly recommended to get the most out of this promo.
BetMGM Sportsbook
BetMGM is a reputable operator that has become one of the most popular in the industry, boasting an accessible interface with numerous promotions to enhance value.
What’s great about their Second Chance Bet bonus is that if you lose, you’ll be refunded in smaller denominations. You won’t have to be use your refund as a single bet token.
This is helpful because it reduces the risk as you try to recoup your losses.
Learn more about the BetMGM promo.
FanDuel Sportsbook
FanDuel started off as a daily fantasy sports provider before evolving into one of the best betting apps on the market. You’ll enjoy a robust selection of betting markets here.
Their Second Chance Bet promo is provided as site credit, which is optimal because you can spread around your bonus on multiple wagers.
This gives you a lot more flexibility as you play through your bonus.
Learn more about the FanDuel No Sweat Bet.
PointsBet Sportsbook
PointsBet originated in Australia, but its intuitive app and innovative style has allowed the operator to establish a foothold in United States.
Their Second Chance Bet is unique in that it’s offered as multiple wagers. This allows users to spread out their risk with numerous bets.
It’s a creative way to reduce the risk associated with this offer. Rather than one single large bet, users can place a few smaller ones.
Unibet Sportsbook
Unibet is a popular European sportsbook that has set up shop in the U.S. They excel in soccer markets, offering numerous player props that help them stand out from competitors.
Their Second Chance Bet promo is great because you’re refunded in cash funds, which means that they can be withdrawn from your account.
It gives users more options: they can either try to recoup their losses or take out their money.
Learn more about how to get this Unibet offer.
How To Pick the Best Second Chance Betting Sites
There are several factors to keep in mind to help you pick the best Second Chance Betting sites, as follows:
- You want to be able to use your wager on multiple bet types, including props and futures.
- It’s better if your refund is provided in smaller increments rather than one bet token.
- The wagering requirements should be attainable with a 1x to 5x multiplier.
- In order to withdraw your bonus, you often need to bet through a multiplier.
- For example, if you get back $500 in bonuses on a 3x rollover, you’d need to wager $1,500 (500 x 3) in total bets to withdraw your bonus.
- The betting site should feature competitive odds with a user-friendly platform.
- The higher the maximum, the better the offer.
- For example, a Second Chance Bet up to $1,000 is better than a max of $500.
Best Ways to Use Your Second Chance Bet
There are a couple of ways to best use your Second Chance Bet.
The first one is to go with a conservative approach:
- Play it safe by choosing a pick that you really like. It’s best to win your first wager and use the Second Chance Bet as insurance.
- Choose a game with short plus odds (around +100 to +120) to get more value out of the offer.
- Example 1: Bet $1,000 on +120 odds. If you win, you get $1,200 in profit. If you lose, you get refunded $1,000.
- Example 2: Risk $1,000 on -120 odds. If you win, you get about $833 in profit. If you lose, you’ll still get back $1,000.
- Summary: You want to get as much profit as possible while maintaining a reasonable implied probability.
If you’re feeling risky and want to maximize your potential profit:
- Choose a longshot straight wager or futures bet with a high payout.
- Example: If you put $1,000 on the Kansas City Chiefs to win the Super Bowl before the season at +800 odds, you would win about $8,000.
- The idea here is that you’re going to get refunded any potential losses, so why not try to hit it big on a nice payout?
Whichever strategy you decide to use, try your best to max out the offer. This promo gives you a terrific opportunity to build your bankroll. You can make the most out of it by placing the maximum bet.
The bottom line is that you should never use your Second Chance Bet on a game with overly short odds. If you took a game that was -150, you would be reducing your profit by almost $350 on a $1,000 wager.
Since your losses will be recouped with bet credits, this is not a good idea because you’d be removing some of the value associated with this promo.
Benefits of Second Chance Betting
There are numerous benefits involved with Second Chance betting, including the following:
- Your losses will be refunded up to a maximum amount.
- This gives you a chance to play it safe or shoot for the moon while finding comfort in knowing that if you lose, you’ll be refunded.
- Second Chance betting can get you off to a strong start in your sports wagering venture. Just imagine if you hit on a longshot prop using your Second Chance Bet.
- If your site refunds your Second Chance bet in smaller increments, you can use each one on plays with longer odds to try to not only recoup your initial loss, but make a profit as well.
How to Get a Second Chance Bet Online
Here’s what you need to do to get a Second Chance Bet online:
- Click one of the links on this page to get access to the landing page of a sportsbook that has a Second Chance Bet offer.
- Sign up for an account by providing your personal information, such as name and birth date.
- Deposit money by using one of the several banking methods available at the online sportsbook.
- Make sure that your first bet aligns with terms and conditions outlined within the offer. For example, if the minimum odds are -200, you can’t wager on a play with -250 odds.
- Don’t cash out of your first wager because this would make your Second Chance Bet void.
- Check to see if you need to opt-in to this promo.
- You’re now ready to place your Second Chance Bet.
Where Can I Legally Get a Second Chance Bet Online?
You can legally get a Second Chance Bet online in the following states:
- Arizona
- Colorado
- Connecticut
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- New Hampshire
- New Jersey
- New York
- Nevada
- Ohio
- Oregon
- Pennsylvania
- Rhode Island
- Tennessee
- Virginia
- Washington D.C.
- West Virginia
- Wyoming
Choose More Than One Second Chance Betting Site
It’s important to choose more than one Second Chance betting site. This enables you to take advantage of multiple offers at the same time. Can you imagine winning your three Second Chance Bets (one on three different sites)? It would be huge for your bankroll.
You can also shop around for the best odds by joining multiple sportsbooks. You may find a more favorable number on one platform compared to another, so be sure to take advantage.
Joining several sites will put you in a good position to succeed in sports betting.